How to open a corporate account in China in 2020

How to open a corporate account in China in 2020

If you are considering the possibility of entering the Chinese market, of course, you will need to open a corporate account in China. We recommend you takШ a closer look at our material, which can help you in this matter.

Types of legal entities

It may be problematic to register a company in China without familiarizing yourself with certain requirements and conditions. If you doubt about which form of organization can be the most appropriate for your business, please contact YB Case. Our specialists will assist you in choosing the right legal form for your business.

Foreign investors, who seek to open a bank account in China have 3 main options:
  1. Company with full foreign ownership (WFOE);
  2. Joint venture; and
  3. Representative office.
Requirements for opening an account in China

In order to open a corporate account with a Chinese bank, you must first prepare a full package of documents. The list of documents may vary depending on the selected banking institution. The main documents remain:

  • A confirmation of the identity of directors/shareholders and other responsible persons of the company;
  • A notarized copy of the company's AOA;
  • A proof that your business is registered properly (a business license, a tax registration certificate);
  • The information about the structure of the company and its activities.

If you plan to open an account for a joint venture in China, you will have to provide evidence that the jurisdiction’s government approves of your business.

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A BANK SELECTION

China has a huge number of local and international banks. Most large banks offer their customers all the financial services necessary for doing business.

First of all, we suggest you familiarizing yourself with such three existing banks, where you can open an account in the name of the company in China:

  • HSBC Mainland NRA Branch. This bank provides an extensive range of services (lending, deposits, international payments and others). Also, main advantages of this institution are the following: the presence of mobile and online banking, the ability to open multi-currency accounts in China and a modern data protection system;
  • Industrial and Commercial Bank of China (ICBC). If you want to open an account with ICBC, then you need to know that this bank has many branches and representative offices, does not require a minimum balance and provides an online banking services;
  • OCBC Wing Hang Bank (China) Limited. This banking group has more than 550 branches and representative offices in 19 states. Also, it is one of the most reliable banks, that proposes investment bonuses and provides asset management services remotely.
QUALIFIED ADVICE

YB Case team has been providing professional assistance in registering a companies and opening bank accounts for years. If necessary, our specialists are ready to provide full support in opening a corporate account with a Chinese bank.

In order to receive personal advice and start cooperation with qualified experts, please call us, using the contacts listed on the site.

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